EUR/USD has breached the support at 1.3705,confirming an underlying downtrend since thepeak at 1.3967. Another key support stands at1.3643. Resistances can now be found at 1.3753(02/04/2014 low) and 1.3820.
In the medium-term, the break of the supportat 1.3834 (11/03/2014 low, see also the risingchannel) coupled with general overboughtconditions favour a move lower towards thesupport at 1.3643. The recent high at 1.3967 islikely to act as a strong resistance.
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MIG Bank